“We’ve spoken of a price band of $80 to $100 a barrel,” he said, declining to specify an immediate price target. “The priority is to stabilize the market and avoid a cycle of disinvestment,” particularly in projects such as deep water and the Canadian tar sands.
Crude oil for February delivery gained 6 cents, or 0.2 percent, to $35.46 a barrel at 2:23 p.m. on the New York Mercantile Exchange. The price has fallen 61 percent in the past year.
Qatari Oil Minister Abdullah bin Hamad al-Attiyah said Jan. 14 that $70 was the right price for oil. Petroleo Brasileiro SA, Brazil’s state-controlled oil company, yesterday canceled two tenders for new oil platforms because suppliers were charging too much based on current economic conditions.
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